http://www.afcenergy.com/

Dawnay, Day Corporate Broking Research Note

Aim Admission Document

Re tonights presentation.

As the presentation is open to both private and retail investors, fund managers, hedge funds and of course the media, I would think that this won't just be a 'we are doing well, progress is proceeding as expected, report re testing' and similar, I have a strong feeling that IW would not be presenting unless there was something very important to announce.

As the presentation starts at 1800hrs, there would be no problem re any sp influencing information being released, as obviously the markets that deal in AFC shares are closed.

Details of the presentation will be on the companies web site after the meeting has closed (hopefully being updated as it happens).

I also feel that a RNS will be released at 0700 hrs tomorrow on an sp moving event.

I have no other info to point to an RNS, so my only reasoning for thinking such is purely down to my earlier comment re IW timing of the presentation.

Presentation to Proactive Investors One2One Investor Forum

MPs learn about potential of fuel cells

Ian Williamson, Chief Executive of AFC Energy (AIM: AFC), the industrial fuel cell power company, was one of several panellists at a seminar in Parliament organised by the UK Hydrogen Fuel Cell Association (UKHFCA), the Parliamentary Renewable and Sustainable Energy Group (PRASEG) and All Party Parliamentary Group on Intelligent Energy (APPGIE).

At the seminar MPs and peers heard that the Feed-In Tariff should be expanded to enable fuel cells to revolutionise the energy industry and bring green manufacturing jobs to the UK.

Over 80 attendees, including parliamentarians and industry representatives, gathered in Portcullis House in Westminster. In a lively debate, Ian Williamson and representatives from other leading UK fuel cell and hydrogen companies explored the role of hydrogen and fuel cells in delivering a low carbon economy, the competitiveness of hydrogen and fuel cells relative to alternative options, the nature and scale of the hydrogen and fuel cell opportunity for and how this opportunity can be realised. The event coincided with a series of one-to-one meetings with MPs and Government Officials aimed at gathering support for the UKHCFA's new Feed-in Tariff Campaign.

Most posters on here think I am too impatient re AFC, and I agree with them.

So I decided to take a cold hard look at what AFC have achieved in the last 12 months.

Looking at their progress since Feb 2012, I was drawn to the following conclusions.
I appreciate all the below is obvious, but sometime the obvious sometimes needs re-visiting (well it helps me if no one else)

Strength of the company.

Increased cash position by a substantial amount.
Cash flow in (increase) out (decrease).
Increased experties.
Strenght of Patents portfolio.
Intellectual property (as above).
Stronger links with partners.
Increase in both fuel cell technology and life of same.
And obviously far nearer to full commercialisation.

There are a few more strenghts, but don't want to ramble on.

Weaknesses.

Still no large contracts signed.

I mention this as a weakness, as obviosly when such contracts are signed, AFC will be far stronger than at present, but for a company at the stage of AFC, the above is not realy a problem in the short to medium term.

And finally I looked at the sp.

Feb 2012
32.00p

Currant sp.
34.25p.

And that is alowing for the extra shares in issue.

And remember in Feb 2011 the sp was 68p.

So if the market put the company value (forget mkt cap) at 32p per share 12 months ago, why is the share value of 34.25p considered a fair value now, especially as AFC's financial and interlectual position being greatly enhanced.

The only conclusion I can draw is that the lack of contracts is having a 'very over heavy effect'.

I am not one to state a valuation of a share, as often its just pulling numbers out of a hat, BUT surely as a what has now moved from a very high risk v high reward to a medium risk v high reward, the current sp is far below true value.

So just opened another box of patience pills hopeing it will last at least another 12 months.

NOTE. The results certainly helped.

Greekman - have these on me.

Blimey Skinny,

That was quick, you must have had your fingers already frexed.

AFC will stay depressed and worse until such a time as their (very interesting) much vaunted technology passes the commercial and practical tests - rather like CRA

Greek :-)

I happened to pick up a new prescription yesterday - for shares such as these and WAS - patience is the order of the day, month,year..........

so meanwhile put your money somewhere where it has a decent chance of showing positive results

the first hydrogen filling station is just being installed in Rotterdam and is expected to be operational at the end of this year ...... unfortunately, it is the only one and only has the ability for 50 fills pd

just thought you'ld all like to know how far away true commerciality is likely to be

AFC Web site down.


Looks like they are wasting no time in updating the site after yesterdays presentation.

No doubt there will be multiple visits over the next few hours.

As they say, 'Watch this space'.

Web site back up with no update, so probably general maintenance!

Just read a report from an attendee at the presentation which I understand did not go down very well.
The reason being that IW like all the speakers was limited to 20 mins.
Also nothing new was mentioned that was not in the results.

Whilst in general I think IW is a very good speaker and presenter of facts figures, it won't be till we see some fairly hard facts, figures that we will see this company realy start to motor.

I have seen this a few times with other companies, that have a great product that looks better and better as time passes, but due to the 'same old', no matter how good prospects look, investors become stagnate whilst waiting for solid evidence that the markets and potential customers have equal or more confidence than the share holders.

That is not a moan, just a fact of life.

Greek - I don't know if you've seen this :- AFC Energy continues to drive its hydrogen fuel cell technology forward

and this..

Investor Presentation with AFC Energy

Hi Skinny,

Yes, saw them both earlier, but thanks all the same.

One of the reasons for my past impatience (I am getting better, honest) is that where my daughter lives, there is a Aston Martin dealership, which I am always drawn to.
Will be 65 next week, so my 'boys with toys' days are running down a bit.

If AFC shares go as expected in the next 3 to 5 years, I might just get my dream car!

Good luck! - I won't ask how high they have to go!

Petition to support hydrogen fuel introduced to the US government

Hydrogen fuel has been fighting to gain momentum in the U.S. over the past two years. The renewable energy has become very popular within the auto industry, but the U.S. government has been slow to warm to hydrogen fuel due to concerns regarding efficiency and the costs associated with establishing an expansive infrastructure that can support hydrogen-powered vehicles. While the federal government has shown modest support for hydrogen fuel, renewable energy advocates have shown a great deal of enthusiasm regarding its use and have been calling for more support.

AFC Energy ships fuel cell system to ICL

Ahead of schedule delivery marks the launch of a phased installation of a 1MW system at a major British chemical plant

AFC Energy (AIM: AFC), the industrial fuel cell power company, is pleased to announce that it has delivered the first fuel cell electricity generating system to Industrial Chemicals Limited ("ICL"), a leading UK commodity chemicals producer.

The shipment is in advance of a 1MW commercial-scale project signed with ICL last year to install the world's largest alkaline fuel cell energy generation system at ICL's chlor-alkali plant in Essex, UK. The project is being supported with a European Union grant of Euro 6.1m (£4.9m), from this April.

The first delivery was for a skid-mounted (mobile) Beta fuel cell system which is expected to be installed and commence supplying small quantities of power to the chemicals works from April 2013. It will use waste hydrogen, produced as a by-product at the chemicals works, as fuel to generate clean energy.

The system will test and qualify the hydrogen supply and site infrastructure ahead of the installation of the larger system in stages later this year. By harnessing the waste hydrogen, AFC Energy's fuel cell system will eventually provide up to 1MW of clean, efficient electricity generation at point of consumption, reducing reliance on grid-supplied electricity by up to 20%.

As part of the project AFC Energy is to provide electrical power to ICL under its first ESCO (Energy Supply Company) arrangement whereby ICL will provide its hydrogen and purchase power under long-term contracts. AFC Energy will own, operate and maintain the fuel cell systems.

AFC Energy opens Korean Office

AFC Energy (AIM: AFC), the industrial fuel cell power company, is pleased to announce that it has opened its first office in South Korea in partnership with Intralink Ltd, a leading provider of market access and business development services to US and European companies targeting China, Japan, South Korea and Taiwan.

Intralink will use its extensive knowledge of the region and high level contacts to provide AFC Energy with market development and sales support in one of its key target markets, East Asia. The partnership will help AFC Energy establish a firm presence in the region, maximise its reach and seize on the potentially substantial market opportunity there.

South Korea is one of the countries currently providing subsidy for electricity generated from fuel cells and as such represents an attractive early opportunity for AFC Energy.

The venture's first objective is to build on existing and develop new relationships with prospective industrial and sector partners and to supply power from AFC Energy's first fuel cell systems in Korea.

Hi Skinny,

Nice to see that there are at least a couple of us left on here.

The reaction to todays news will no doubt be similar to Mondays, the sp will be up on opening then slide back or below the opening price.
This reminds me of a company I was invested in a few years ago. Over a period of time, RNS's started to flow at an increased rate but, due to investers waiting for 'the big one' each RNS was treated with as much disapointment as jubilation resulting in the up then back down actions that are happening to AFC's sp.
Hopefully when the 'biggy' does come out, the day traders (nothing against traders) will almost disapear with their places being taken by those who are invested in AFC for that bigger profit that is earned by staying in for the longer term.

Most of us he have said before that once this takes off there will be no stopping it, due to the snowball effect.
The snowball is getting bigger but it has not yet fully gathered spead.
The pace is gaining and as long as progress continues at its present pace, I for one am no longer bothered about the current sp, no matter how annoying it becomes.

Apologies for any spelling mistakes as I am on a borrowed computor with no spell checker which is not ideal for a Dyslexic!

Greekman - I fully concur with your post.

Cheers Skinny